Factors influencing blockchain adoption intention in Philippine small and medium enterprises

Abstract

As an emerging technology, blockchain has huge potential for transforming various industries, such as small and medium enterprises (SMEs). Despite its promising impact, its application in the supply chains of SMEs in developing countries is still in its infancy. This study analyzes the key factors of blockchain adoption intention in Philippine SMEs through an integrated technology-organization-environment (TOE) and technology acceptance model (TAM) with external variables. The data were obtained through a survey of 465 SME practitioners in the national capital region (NCR), Philippines, and analyzed using partial least squares and structural equation modeling (PLS-SEM). In terms of technology dimensions, relative advantage (RLA) had a positive influence on perceived usefulness (PUS) while compatibility (COM) had a positive influence on perceived ease of use (PEU), which both subsequently led to blockchain adoption intention. As regards organization, top management support (TMS) had a significant influence on the adoption intention of blockchain among SMEs. In terms of environment, only competitive pressure (CMP) had significant influence on blockchain adoption intention. In general, most of the hypothesized relationships are significant; thus, SMEs have a positive interest in adopting blockchain technology. Finally, the study serves as baseline evidence of blockchain adoption intention among SMEs in the Philippines.